One of the world’s largest aluminum producers now has controlling interest in Silver Yachts. The company, China Zhongwang Holdings, views the move as a way to extend supply into the luxury yacht market. Simultaneously, it foresees Silver Yachts gaining ground among Asian yacht buyers.
China Zhongwang disclosed the deal in a filing submitted to the Hong Kong stock exchange last week. However, it did not indicate the value. Nor did it state the size of the stake acquired. Regardless, it now holds the majority of Silver Yachts.
According to the Financial Times, China Zhongwang does not intend to uproot yacht-construction operations, based in Australia. Neither does it intend to change the management team.
Silver Yachts, established as Hanseatic Marine, gained fame in 2007. That’s when it launched the first of the Silver series, the 240-foot (73.3-meter) Silver. Silver Zwei, nearly the same length, followed a year later. Third in the series, the 252’6” Smeralda saw hand over in 2012. The most recent delivery: Silver Fast (above), the same LOA as Smeralda, completed in 2015. The year prior, Hanseatic Marine changed its name to Silver Yachts, reflecting the series’ name. All of the yachts in the series bear the design work of Espen Øino. They feature slender hulls engineered for high performance and low fuel consumption. Furthermore, all started and completed on spec. The builder is therefore the only one worldwide solely focused on speculative construction in this size range.
China Daily quotes China Zhongwang’s president, Lu Changqing, as saying, “We are delighted to join hands with Silver Yachts to navigate the high-end marine sector at full speed.” The company already supplies aluminum to the avation, automotive, and railway industries, for example. Guido Alexander Krass, the yard founder, adds, “The partnership with China Zhongwang marks a new page for Silver Yachts.”
Leave a Reply